U.S. judge dismisses class action against Kelsier Ventures and Meteora Libra class action

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BlockBeats news,October 2, U.S. District Judge Jennifer L. Rochon dismissed the class action against Libra the project organizers Kelsier Ventures, decentralized finance platform Meteora, and developer Benjamin Chow, and denied the plaintiffs’ request to file an amended complaint. The dismissed claims included fraud, violations of the Racketeer Influenced and Corrupt Organizations Act, violations of New York’s General Business Law, and unjust enrichment.

The court held that the plaintiffs failed to establish that Meteora constituted a suable unincorporated association or partnership, and also failed to show that Kelsier Ventures engaged in a continuing pattern of conduct sufficient to support a racketeering claim. The court further noted that Benjamin Chow’s provision of technical assistance before the token launch, as well as Meteora’s collection of transaction fees, was insufficient to establish fraudulent intent.Libra was a token that Argentine President Javier Milei had promoted on social media. Related estimates indicated that more than 44000 investors were affected; Milei later denied responsibility for investors’ losses. (Bitcoin.com News)

Original link https://m.theblockbeats.info/flash/370035

Key points

U.S. District Judge Jennifer L. Rochon dismisses the Libra class action.
The court denies the plaintiffs’ request to file an amended complaint.
The claims included fraud, violations of the Racketeer Influenced and Corrupt Organizations Act, violations of New York’s General Business Law, and unjust enrichment.
The court held that the plaintiffs failed to establish that Meteora constituted a suable unincorporated association or partnership.
The court held that the plaintiffs failed to show that Kelsier Ventures engaged in a continuing pattern of conduct sufficient to support a racketeering claim.
The court noted that Benjamin Chow’s provision of technical assistance before the token launch, as well as Meteora’s collection of transaction fees, was insufficient to establish fraudulent intent.
Libra had been promoted on social media by Argentine President Javier Milei.
Related estimates indicated that more than 44000 investors were affected; Milei later denied responsibility for investors’ losses.

AI-assisted interpretation

The following is analysis, separate from reported facts. Verify important claims independently.

The court held that the plaintiffs’ existing allegations and evidence were insufficient to support these claims, so it dismissed the lawsuit and did not allow the plaintiffs to amend the complaint and continue pursuing the case.

Why it matters to readers

This means that Kelsier Ventures, Meteora, and Benjamin Chow face less immediate pressure in this class action, but the ruling concerns only this civil lawsuit.

A class action is a lawsuit brought by one or a small number of plaintiffs on behalf of a large group of people with similar claims. Dismissal means that the court does not accept the current complaint for further proceedings; it does not mean that all related disputes have been resolved.

Risks and unknowns

The evidence did not provide the court’s written decision or case number, so the details of the ruling require further verification.
The evidence did not state whether an appeal had been filed.
The evidence does not state whether there are other Libra related civil lawsuits or regulatory actions.

U.S. judge dismisses class action against Kelsier Ventures and Meteora Libra class action

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